Adviser designations need attention: Scott
Associate professor Janine Scott said the RFA, AFA and QFE adviser designations were not very helpful for the sector’s branding and credibility. “There needs to be more solidarity and clarity in the designations planners have. I don’t think the names are being used clearly and may be a distraction from providing needed financial advice.”
Scott has come to Massey from the US and said it took time to understand how the system worked.
“I had to do serious research and reading to understand who does what and who can deal with category one and category two. If I had no financial planning background I would say ‘forget it, I’ll listen to what Sally next door says.”
A lack of trust in advisers was a problem shared worldwide, Scott said. But she said New Zealand had been through more regulatory reform than some jurisdictions.
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